8 Types of Financial support For your Study Abroad
While pursuing your masters or doctoral degree in a foreign country is quite expensive, there is no need to worry, with sufficient planning and effort from your side, you can make use of the multiple financial assistance opportunities available to you from a number of different sources. By making use of these funding opportunities, you can make your ambition far more affordable and achievable.
TYPES OF FINANCIAL ASSISTANCE:
Financial assistance is often classified under many different names, so getting yourself acquainted with the different options available is the first step. Once you are familiar with them, you can pick up the one which suits your needs and circumstances best.
1. PERSONAL FUNDS:
2. STUDENT LOANS:
3. SCHOLARSHIPS AND FELLOWSHIP PROGRAMS:
Most of the students who go abroad to study are self-funded. Their main sponsors include their immediate family members such as parents, sister, etc. Many personal funds such as fixed deposits, family assets and bonds can be made use of. Even if your parents cannot fund your education, if you have another member of the family such as an aunt or uncle who is willing to sponsor you, you can make use of their funds.
Student loans are available to help students through the financial crisis during their education period. It differs from country to country although the general process includes issuing an amount to the students based on various eligibility criteria with specific interest rates and repayment schedules.
This type of financial aid is offered by the Universities in recognition of academic achievements and unique talents possessed by an individual. There are several scholarships and grants based on a wide spectrum of eligibility criteria and the students can apply to those which match their profile the best.
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6. INTERNSHIPS AND EXCHANGE PROGRAMS:
Grants are a type of financial assistance based on the financial requirements of a student. In order to be eligible for grants the student has to fill out FAFSA (the Free Application for Federal Students Aid) along with several other eligibility criteria. Commonly three types of Grants are awarded to students namely Federal, State and University Grants and each of them has their own set of requirements.
Funding is also available in the form of Assistantships namely Research or Teaching Assistantships. Research Assistants typically work under a Faculty in some Laboratory conducting experiments and documenting results related to the Faculty’s research interests. Teaching Assistants on the other hand, play a role in conducting specific classes, conducting exams for their respective professors. Both these Assistantships are accompanied by stipends that cover a part of the student’s tuition fees.
There are many paid internships available in various areas of interest and it earns some extra money along with valuable experience. Exchange programs with other Universities offer a cultural experience with splendid opportunities and the best part is that they come fully funded.
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7. FUNDING FROM OUTSIDE PROGRAMS:
8. PART-TIME JOBS:
Students can also qualify for financial assistance outside their Institution of study based on a variety of eligibility criteria such as ROTC funds, Military Tuition assistance, etc. Many other scholarships and financial aid that match a student’s profile can be dug out through online search engines such as FastWeb.
There are various part-time jobs available round the clock. Be it your favorite shopping mall or a burger joint you not only get extra discounts and benefits working at a place of your choice but also bring in some extra money.
Where there is a will there is a way. If studying abroad is the ultimate goal then financial crisis is nothing but a small hurdle that can be easily overcome through these various solutions.